Use the cost and revenue data to answer the questions. Quantity Price Total revenue Total cost 10 90 900 675 15 80 1200 825 20 70 1400 1025 25 60 1500 1250 30 50 1500 1500 35 40 1400 1850 If the firm is a monopoly, what is marginal revenue when quantity is 25

MR = 20 units

Explanation:

QUANTITY      PRICE      TOTAL REVENUE      TOTAL COST

  10                     90                900                          675

  15                     80                1200                         825

  20                    70                1400                         1025

  25                    60                1500                         1250

  30                    50                1500                         1500

  35                    40                 1400                        1850

If the firm is a monopoly, what is marginal revenue when quantity is 25?

First,

A monopoly is a one-firm or one-producer market. A monopolist is a price-giver (a firm that sets whatever price that suits them) not a price taker.

Second,

Marginal revenue is the extra revenue a firm gains, for selling an extra unit of their product. When it comes to calculation, it is the division of change in total revenue by change in quantity sold.

As seen in the table/arrangement above, the fourth quantity is 25 and the total revenue from selling 25 units is 1,500.  The previous quantity is 20 and total revenue from selling 20 units is 1,400.

Change in Total Revenue = 1500 - 1400 = 100

Change in quantity sold = 25 - 20 = 5

MR = 100/5  = 20

This shows that the monopoly gains 20 units of money when it sells 5 extra units of product.

If you wish to compute this for A UNIT change in commodity sold, then MR is the extra revenue from selling an extra unit of product. So, cross multiply:

20 extra units of money  -  5 extra units of commodity

X extra units of money    -  1 extra unit of commodity

X = 20/5 = 4

I HOPE THE TWO ANSWERS ARE CLEAR.

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